U.S. Movers: Broadcom, CBS, Comcast, Devon Energy, MasterCard, Time Warner

Mukesh Buch
02 May, 2012
New York City

Broadcom first quarter net tumbled 61% and CBS Corp net surged 80% as licensing fee rose. Comcast first quarter net surged 30% to $1.22 billion. MasterCard first quarter net surged 21% to $682 million. Time Warner first quarter net fell 11% to $583 million.

[R]11:25 AM New York – Broadcom first quarter net tumbled 61% and CBS Corp. net surged 80% as licensing fee rose. Comcast first quarter net surged 30% to $1.22 billion. MasterCard first quarter net surged 21% to $682 million. Time Warner first quarter net fell 11% to $583 million.[/R]

Broadcom Corp ((BRCM)) fell 30 cents to $36.41 after the communication equipments maker reported first quarter revenue edged up 0.4% to $1.83 billion from $1.82 billion in the same quarter last year. Net earnings in the quarter tumbled 61% to $88 million or 15 cents per diluted share compared to $228 million or 40 cents per share in the year ago earlier.

Comcast Corporation ((CMCSA)) fell 75 cents to $29.85 after the cable network reported first quarter revenues rose 22.7% to $14.88 billion from $12.13 billion in the prior year quarter. Net income in the quarter surged 30% to $1.22 billion or 45 cents per diluted share compared to net income of $943 million or 34 cents per share in the same quarter last year.

CVS Caremark Corporation ((CVS)) rose 94 cents to $45.65 after the pharmacy health care provider said first quarter net revenues increased 19.9% to $30.8 billion from $25.7 billion in the prior-year quarter. Net income in the quarter climbed 8.8% to $776 million or 59 cents per diluted share compared to net income of $713 million or 52 cents per share a year ago.

CBS Corporation ((CBS)) gained 3.2% or $1.10 to $34.52 after the broadcasting company reported first quarter revenue increased 12% to $3.92 billion from $3.51 billion in the same quarter last year. Net earnings in the quarter surged 80% to $363 million or 54 cents per diluted share compared to $202 million or 29 cents per share in the year ago period.

Licensing revenue soared to 39%.

Devon Energy Corporation ((DVN)) slipped 2.7% or $1.92 to $68.73 after the independent natural gas and oil producers said first quarter total revenues grew 16.3% to $2.5 billion from $2.15 billion in the prior-year quarter. Net earnings in the quarter fell 5.5% to $393 million compared to net earnings of $416 million last year. Earnings per diluted share were 97 cents, flat with the prior-year quarter.

IntercontinentalExchange, Inc. ((ICE)) tumbled 2.5% or $3.22 to $127.89 after the trading exchange operator reported first quarter revenue grew 9% to $365 million from $334 million in the same quarter last year. Net income in the quarter increased 15% to $148 million or $2.02 per diluted share compared to $129 million or $1.74 per share in the year ago earlier.

MasterCard Inc ((MA)) slumped 2.1% or $9.75 to $446.15 after the payment solution provider reported first quarter revenue soared 17% to $1.76 billion from $1.50 billion in the same quarter last year. Net income in the quarter surged 21% to $682 million or $5.36 per diluted share compared to $562 million or $4.31 per share in the year ago.

Marathon Oil Corporation ((MRO)) dropped 3.4% or $1.04 to $29.15 after the energy company reported first quarter revenue grew 6% to $4.04 billion from $3.81 billion in the same quarter last year. Net income in the quarter plunged 58% to $417 million or 59 cents per diluted share compared to $996 million or $1.39 per share in the year ago.

Time Warner Inc. ((TWX)) decreased 1.4% or 55 cents to $37.37 after the media and entertainment company said first quarter revenues rose 4.5% to $6.98 billion from $6.68 billion in the year-ago quarter. Net income for the period fell 10.7% to $583 million compared to net income of $653 million a year earlier, while quarterly earnings per diluted share remained unchanged at 59 cents.

Wright Express Corporation ((WXS)) plunged 4.6% or $2.96 to $61.02 after the payment solution provider reported first quarter revenue increased 17% to $140.1 million from $120.1 million in the same quarter last year. Net income in the quarter surged 93% to $23.3 million or 59 cents per diluted share compared to $12.1 million or 31 cents per share in the year ago.